The IAB released its annual study for online advertising expenditure in 2008 last week and growth in the top 10 mature markets slowed to only 20%. Some would say thats a tough year for online advertisers. It doesn’t sound too bad to me, given all the pessimism in Q3 and Q4 last year.

Once you look more closely though, there is quite a spread across those top ten markets.

Here is the breakdown:

1. Spain: 26%
2. Norway: 22%
3. Denmark: 22%
4. Belgium: 21%
5. Italy: 20%
6. UK: 19%
7. Germany: 19%
8. Sweden: 19%
9. France: 18.5%
10. Netherlands: 9%

Search remained strong with 26% year on year growth taking up some 43% of ad expenditure.

(Not sure who to credit for the image. If it is yours let me know)